Frasers Group is further growing its retail portfolio, taking an 8.9% stake in electricals retailer Currys.
It comes just a week after the Shirebrook-based business acquired a strategic stake of 18.9% in online electricals retailer AO World Plc. The £75m investment was said to be the culmination of productive talks over the last two years about establishing a strategic partnership. Frasers has since upped its stake to 21.3%.
Through the investment, Frasers Group said it would benefit from AO’s “valuable know-how in electricals and two-man delivery,” helping to drive growth in the firm’s bulk equipment and homeware ranges. In turn, Frasers said AO will have the opportunity to benefit from its expertise and ecosystem.
Frasers Group has also announced a £70m maximum share buyback programme.
Earlier in the month it was revealed that up to 200 jobs could be slashed at Frasers Group’s Shirebrook headquarters and in London as the retail giant tries to streamline processes.
